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62 wrongos make a right: State Senate kills a bad bill for selfish reasons
By Rus Thompson | 07/13/09 | 08:29 AM EDT | 0 Comments
This is how things work in Albany, vengeance politics instead of looking out for the people involved. Although I agree that this Bill should have failed, the reasoning is payback. Payback for DiNapoli holding back their pay.
See if DiNapoli had simply let our Lawsuit go forward he would have had his hand forced by the taxpayers. His actions hindered our efforts and just as expected he gave them all their pay, per diem and cash vouchers. Our Lawsuit
62 wrongos make a right: State Senate kills a bad bill for selfish reasons
Seething with spite, the newly operative state Senate voted down a pension financing measure sponsored by Controller Tom DiNapoli, who, you may remember, had heeded our “Don’t Pay the Bums” campaign.
Democrats joined in killing DiNapoli’s bill largely as payback for his decision to withhold their pay. Typically, the merits didn’t matter.
But this time their cheap maneuvering worked to the taxpayers’ benefit, because DiNapoli’s bill represented a grossly irresponsible plan to let New York borrow money to meet looming pension expenses.
Kind of like using credit cards to pay your jumbo mortgage.
As the sole trustee of pension funds whose value has gone into the toilet, DiNapoli knows better than anyone that the state and local governments are on the verge of gargantuan hikes in retirement system contributions.
The city’s bill alone could jump by $3 billion over the next six years. And the costs for other localities are expected to triple by 2015.
Those numbers have triggered sticker shock across the state, even in the mind of Brooklyn Assemblyman Peter Abbate, who never met a pension sweetener he wouldn’t sponsor.
What’s urgently needed is a drastic, wholesale rollback of government pensions for newly hired workers – to bring them more in line with benefits in the private sector, and more in line with what taxpayers can afford.
Public employee unions hate the idea of giving up benefits, and DiNapoli did their bidding. Rather than urge cutbacks, he cravenly devised a plan authorizing governments to take 10year loans from the pension fund as a way to meet skyrocketing costs.
The measure sailed through the Assembly, blessed by legislators who have spurned growing pleas for pension savings by Gov. Paterson and Mayor Bloomberg. It had been expected to pass in a heartbeat when the Senate convened after its pitiful hiatus.
But then some Republicans questioned its fiscal soundness and DiNapoli’s fellow Dems took joy in sticking it to him. In the wrong, they did right.
Read more: Daily News
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